Atlantic Union Bankshares (AUB) investor relations material

Executive summary

• Delivered solid Q1 2026 results, completing Sandy Spring Bank integration and highlighting strong adjusted operating performance despite final merger-related charges.

• Net income available to common shareholders was $119.2M, with diluted EPS of $0.84; adjusted operating earnings were $126.2M and adjusted diluted EPS was $0.89.

• Focused on organic growth, especially in attractive Mid-Atlantic markets, and confident in achieving 2026 financial targets for adjusted ROA, ROTCE, and efficiency ratio.

• Transitioned CFO role to Alex Dodd, with Rob Gorman supporting through September.

• Asset quality remains strong, with improved annualized loan growth and reduced higher-cost brokered deposits.

Financial highlights

• Adjusted operating earnings available to common shareholders were $126.2M ($0.89/share) in Q1 2026; net income available to common shareholders was $119.2M, with diluted EPS of $0.84.

• Net interest income was $312.4M, down $17.8M from Q4 2025, mainly due to lower loan accretion and reduced yields after Fed rate cuts.

• Adjusted operating ROTCE was 19.6%, adjusted operating ROA 1.41%, and adjusted operating efficiency ratio 49.9%.

• Noninterest income declined $2.2M to $54.8M, mainly from lower swap fees; noninterest expense decreased $33.4M to $209.8M, driven by lower merger costs.

• Tangible book value per share rose $0.24 (1%) to $19.93, despite AOCI headwinds.

Outlook and guidance

• Year-end 2026 loan balances projected at $29B–$30B; deposit balances at $31B–$32B.

• Full-year NIM expected between 3.90%–4.00%, assuming no Fed rate cuts and stable term rates.

• Noninterest income forecasted at $220M–$230M; adjusted operating noninterest expense at $742M–$752M.

• Tangible book value per share growth targeted at 12%–15% for 2026.

• Management reaffirmed confidence in achieving full-year 2026 targets for adjusted operating ROA, ROTCE, and efficiency ratio.